x
|
ANNUAL
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For the fiscal year ended December 31, 2007 |
o
|
TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For
the transition period from ______ to
______
|
Utah
|
87-0407858
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification Number)
|
|
6033 W. Century Blvd, Suite 1090,
Los Angeles, California 90045
|
||
(Address of principal executive offices)
|
||
(310) 670-7911
|
||
Issuer’s telephone number:
|
PART
I
|
||
ITEM 1.
|
DESCRIPTION
OF BUSINESS
|
1
|
ITEM 2.
|
DESCRIPTION
OF PROPERTY
|
21
|
ITEM 3.
|
LEGAL
PROCEEDINGS
|
21
|
ITEM 4.
|
SUBMISSION
OF MATTERS TO A VOTE OF SECURITY HOLDERS
|
22
|
PART
II
|
||
ITEM 5.
|
MARKET
FOR COMMON EQUITY AND RELATED SHAREHOLDER MATTERS, AND SMALL BUSINESS
ISSUER’S PURCHASE OF EQUITY SECURITIES
|
22
|
ITEM 6.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
|
23
|
ITEM 7.
|
FINANCIAL
STATEMENTS
|
26
|
ITEM 8.
|
CHANGES
IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
|
54
|
ITEM 8A(T)
|
CONTROLS
AND PROCEDURES
|
54
|
ITEM 8B.
|
OTHER
INFORMATION
|
56
|
PART III
|
||
ITEM 9.
|
DIRECTORS,
EXECUTIVE OFFICERS, PROMOTERS, CONTROL PERSONS AND CORPORATE GOVERNANCE;
COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT
|
56
|
ITEM 10.
|
EXECUTIVE
COMPENSATION
|
58
|
ITEM 11.
|
SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
SHAREHOLDER MATTERS
|
61
|
ITEM 12.
|
CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
INDEPENDENCE
|
62
|
ITEM 13.
|
EXHIBITS
|
64
|
ITEM 14.
|
PRINCIPAL
ACCOUNTANT FEES AND SERVICES
|
66
|
ITEM
1.
|
DESCRIPTION OF BUSINESS.
|
·
|
“Substances
and Agents for Positively Influencing Collagen.” This includes a EU patent
application and a Canadian patent.
|
·
|
“Topical
Treatment for Mastalgia.” This includes U.S. patent application 10/416,096
filed October 30, 2001, and a European Union patent application.
|
·
|
“Medicament
for Preventing and/or Treating a Mammary Carcinoma Containing a Steroidal
Aromatase Inhibitor.” This includes a U.S. patent application, No.
09/646,355, filed November 16, 2000 and divisional and continuation
applications based upon the initial application.
|
·
|
“Aromatase
Marking.” This includes a U.S. Patent application, No. 10/487,953, filed
August 28, 2002, as well as a European Union patent application.
|
British
Petroleum (UK)
|
Plans
to establish 100,000 hectares of Jatropha plantations in Indonesia
to feed
the 350,000-tonne-per-year biodiesel refinery that it is building
in the
country.
|
|
Van
Der Horst Corporation (Singapore)
|
Building
a 200,000-tpy biodiesel plant in Juron Island in Singapore that
will
eventually be supplied with Jatropha from plantations it operates
in
Cambodia and China, and possible new plantations in India, Laos
and
Burma.
|
|
Mission
Biofuels (Australia)
|
Hired
Agro Diesel of India to manage a 100,000-heactare Jatropha plantation,
and
a contract farming network in India to feed its Malaysian and
Chinese
biodiesel refineries. Mission Biofuels has raised in excess of
$80 million
to fund its operations.
|
|
D1
Oils (UK)
|
As
of June 2007, together with its partners, D1 Oils has planted
or obtained
rights to offtake from a total approximately 172,000 hectares
of Jatropha
under cultivation worldwide. D1’s Jatropha plantations are located in
Saudi Arabia, Cambodia, Ghana, Indonesia, the Philippines, China,
India,
Zambia, South Africa and Swaziland. In June 2007, D1 Oils and
British
Petroleum entered into a 50:50 joint venture to plant up to an
additional
1 million hectares of Jatropha worldwide. British Petrolum funded
the
first £31.75 million of the Joint Venture’s working capital requirements
through a purchase of D1 Oils equity, and the total Joint Venture
funding
requirement is anticipated to be £80 million over the next five
years.
|
|
NRG
Chemical Engineering (UK)
|
Signed
a $1.3 billion deal with state-owned Philippine National Oil
Co. in May
2007. NRG Chemical will own a 70% stake in the joint venture
which will
involve the construction of a biodiesel refinery, two ethanol
distilleries
and a $600 million investment in Jatropha plantations that will
cover over
1 million hectares, mainly on the islands of Palawan and
Mindanao.
|
·
|
Increased
cost for land acquisition;
|
·
|
Increased
unit costs of labor for nursery, field preparation and
planting;
|
·
|
Increased
costs for construction of
facilities;
|
·
|
Increased
transportation costs for required nursery and field workers;
|
·
|
Increased
costs of supplies and sub-contacted labor for preparing of land for
planting;
|
·
|
Increase
costs for irrigation, soil conditioning, soil maintenance;
or
|
·
|
Increased
time for planting and plant care and
custody.
|
·
|
our
merger with or into another company;
|
·
|
a
sale of substantially all of our assets; and
|
·
|
amendments
to our articles of incorporation.
|
·
|
fluctuation
in the world price of crude oil;
|
·
|
market
changes in the biofuels industry;
|
·
|
government
regulations affecting renewable energy businesses and
users;
|
·
|
actual
or anticipated variations in our operating
results;
|
·
|
our
success in meeting our business goals and the general development
of our
proposed operations;
|
·
|
general
economic, political and market conditions in the U.S. and the foreign
countries in which we plan to operate;
and
|
·
|
the
occurrence of any of the risks described in this Annual
Report.
|
ITEM
2.
|
DESCRIPTION
OF PROPERTY.
|
ITEM
3.
|
LEGAL
PROCEEDINGS.
|
ITEM
4.
|
SUBMISSION
OF MATTERS TO A VOTE OF SECURITY HOLDERS.
|
ITEM
5.
|
MARKET
FOR COMMON EQUITY AND RELATED SHAREHOLDER MATTERS, AND SMALL BUSINESS
ISSUER’S PURCHASE OF EQUITY SECURITIES.
|
Fiscal Year Ended December 31, 2007
|
High Bid
|
Low Bid
|
|||||
First
Quarter
|
$
|
0.049
|
$
|
0.022
|
|||
Second
Quarter
|
$
|
0.050
|
$
|
0.011
|
|||
Third
Quarter
|
$
|
0.080
|
$
|
0.020
|
|||
Fourth
Quarter
|
$
|
0.087
|
$
|
0.030
|
Fiscal Year Ended December 31, 2006
|
High Bid
|
Low Bid
|
|||||
First
Quarter
|
$
|
0.190
|
$
|
0.090
|
|||
Second
Quarter
|
$
|
0.155
|
$
|
0.075
|
|||
Third
Quarter
|
$
|
0.105
|
$
|
0.023
|
|||
Fourth
Quarter
|
$
|
0.080
|
$
|
0.030
|
Plan Category
|
Number of
Securities to be
Issued upon
Exercise of
Outstanding
Options,
Warrants and
Rights
|
Weighted-
Average
Exercise Price
of Outstanding
Options,
Warrants and
Rights
|
Number of
Securities
Remaining
Available for
Future
Issuance under
Equity
Compensation
Plans
(Excluding
Securities
Reflected in
the First
Column)
|
|||||||
Equity
compensation plans approved by security holders
|
||||||||||
1993
Incentive Plan (1)
|
3,383,000
|
$
|
0.13
|
-0-
|
||||||
2002
Stock Incentive Plan
|
14,500,000
|
$
|
0.04
|
5,500,000
|
||||||
Equity
compensation plans not approved by security holders
|
||||||||||
Warrants
|
58,033,379
|
$
|
0.02
|
—
|
||||||
Total
|
75,916,379
|
ITEM 6. |
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.
|
A
Professional Corporation
|
Registered
with the Public Company
|
CERTIFIED
PUBLIC ACCOUNTANTS
|
Accounting
Oversight Board
![]() |
AND
|
|
BUSINESS
CONSULTANTS
|
|
5
Triad Center, Suite 750
|
|
Salt
Lake City, UT 84180-1128
|
|
Phone:
(801) 532-2200
|
|
Fax:
(801) 532-7944
|
|
December
31,
|
December
31,
|
||||||
2007
|
2006
|
||||||
(Restated
for
|
|||||||
Discontinued
|
|||||||
Operations)
|
|||||||
ASSETS
|
|||||||
CURRENT
ASSETS
|
|||||||
Cash
and cash equivalents
|
$
|
805,338
|
$
|
47,658
|
|||
Subscription
receivable
|
75,000
|
-
|
|||||
Prepaid
expenses
|
51,073
|
-
|
|||||
Total
Current Assets
|
931,411
|
47,658
|
|||||
Plantation
development costs and equipment, net
|
309,341
|
789
|
|||||
Assets
held for sale
|
-
|
61,460
|
|||||
TOTAL
ASSETS
|
$
|
1,240,752
|
$
|
109,907
|
|||
LIABILITIES
AND STOCKHOLDERS' DEFICIT
|
|||||||
CURRENT
LIABILITIES
|
|||||||
Accounts
payable
|
$
|
1,243,877
|
$
|
663,691
|
|||
Accrued
payroll and payroll taxes
|
950,971
|
1,184,264
|
|||||
Accrued
interest payable
|
300,651
|
267,739
|
|||||
Secured
promissory note
|
250,000
|
-
|
|||||
Notes
payable to shareholders
|
56,000
|
56,000
|
|||||
Convertible
notes payable
|
193,200
|
193,200
|
|||||
Financial
instrument
|
2,166,514
|
294,988
|
|||||
Current
liabilities associated with assets held for sale
|
3,113,970
|
2,914,438
|
|||||
Total
Current Liabilities
|
8,275,183
|
5,574,320
|
|||||
LONG-TERM
LIABILITY
|
-
|
90,000
|
|||||
TOTAL
LIABILITIES
|
8,275,183
|
5,664,320
|
|||||
STOCKHOLDERS'
DEFICIT
|
|||||||
Preferred
stock - no par value; 50,000,000 shares authorized
|
|||||||
Series
A, convertible; 28,928 and 34,420 shares issued and outstanding,
respectively; (aggregate liquidation preference of $2,892,800 and
$3,442,000, respectively)
|
514,612
|
514,612
|
|||||
Series
B, convertible; 13,000 and zero shares issued or subscribed, respectively;
(aggregate liquidation preference of $1,300,000 and $0,
respectively)
|
1,290,735
|
-
|
|||||
Common
stock, no par value; 500,000,000 shares authorized; 174,838,967 and
118,357,704 shares issued and outstanding, respectively
|
16,526,570
|
15,299,017
|
|||||
Additional
paid-in capital
|
1,472,598
|
1,056,020
|
|||||
Deficit
accumulated prior to the development stage
|
(1,399,577
|
)
|
(1,399,577
|
)
|
|||
Deficit
accumulated during the development stage
|
(25,439,369
|
)
|
(21,024,485
|
)
|
|||
Total
Stockholders' Deficit
|
(7,034,431
|
)
|
(5,554,413
|
)
|
|||
TOTAL
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
$
|
1,240,752
|
$
|
109,907
|
From Inception of
|
||||||||||
the Development Stage
|
||||||||||
For
the Years Ended
|
on November 20, 1991
|
|||||||||
December
31,
|
through
|
|||||||||
2007
|
2006
|
December 31, 2007
|
||||||||
(Restated
for
|
||||||||||
Discontinued
|
||||||||||
Operations)
|
||||||||||
Operating
Expenses
|
||||||||||
General
and administrative
|
$
|
2,949,885
|
$
|
515,151
|
$
|
7,900,558
|
||||
Research
and development
|
986,584
|
-
|
986,584
|
|||||||
Loss
from Operations
|
(3,936,469
|
)
|
(515,151
|
)
|
(8,887,142
|
)
|
||||
Other
Income (Expenses)
|
||||||||||
Unrealized
gain (loss) on financial instrument
|
(147,636
|
)
|
2,564,608
|
4,717,163
|
||||||
Interest
income
|
4,441
|
2,866
|
62,605
|
|||||||
Interest
expense
|
(51,929
|
)
|
(29,919
|
)
|
(1,237,549
|
)
|
||||
|
||||||||||
Interest
expense from amortization of discount on secured promissory
note
|
(250,000
|
)
|
-
|
(250,000
|
)
|
|||||
Gain
on debt restructuring
|
485,137
|
607,761
|
2,524,787
|
|||||||
Other
income
|
-
|
1,373
|
906,485
|
|||||||
Total
Other Income (Expenses)
|
40,013
|
3,146,689
|
6,723,491
|
|||||||
Income
(Loss) from Continuing Operations
|
(3,896,456
|
)
|
2,631,538
|
(2,163,651
|
)
|
|||||
Loss
from Discontinued Operations (net of gain on disposal of MDI-P
of $258,809
in 2007)
|
(518,428
|
)
|
(2,815,309
|
)
|
(22,583,519
|
)
|
||||
Net
Loss
|
(4,414,884
|
)
|
(183,771
|
)
|
(24,747,170
|
)
|
||||
Preferred
stock dividend from beneficial conversion feature
|
-
|
-
|
(692,199
|
)
|
||||||
Net
Loss Applicable to Common Shareholders
|
$
|
(4,414,884
|
)
|
$
|
(183,771
|
)
|
$
|
(25,439,369
|
)
|
|
Basic
and Diluted Income (Loss) per Common Share:
|
||||||||||
Income
(Loss) from Continuing Operations
|
$
|
(0.029
|
)
|
$
|
0.023
|
|||||
Loss
from Discontinued Operations
|
$
|
(0.004
|
)
|
$
|
(0.025
|
)
|
||||
Net
loss
|
$
|
(0.033
|
)
|
$
|
(0.002
|
)
|
||||
Basic
and Diluted Weighted-Average Common Shares
Outstanding
|
134,707,205
|
113,809,546
|
Accumulated
|
Deficit
|
|||||||||||||||||||||||||||||||||
Deficit
|
Accumulated
|
|||||||||||||||||||||||||||||||||
Additional
|
Prior
to
|
During
the
|
Escrow/
|
|||||||||||||||||||||||||||||||
Preferred
Stock - Series A
|
Preferred
Stock - Series B
|
Common
stock
|
Paid
in
|
Development
|
Development
|
Subscription
|
||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stage
|
Stage
|
Receivables
|
Total
|
||||||||||||||||||||||||
Balance
at October 31, 1991
|
$
|
-
|
$
|
-
|
1,750,000
|
$
|
252,997
|
$
|
-
|
$
|
(1,482,514
|
)
|
$
|
-
|
$
|
-
|
$
|
(1,229,517
|
)
|
|||||||||||||||
Restatement
for reverse acquisition of WPI
|
||||||||||||||||||||||||||||||||||
Pharmaceutical,
Inc. by Medical Discoveries, Inc.
|
-
|
-
|
-
|
-
|
-
|
(252,997
|
)
|
-
|
252,997
|
-
|
-
|
-
|
||||||||||||||||||||||
Shares
issued in merger of WPI
|
||||||||||||||||||||||||||||||||||
Pharmaceutical,
Inc.Medical Discoveries, Inc., $0.01 per share
|
-
|
-
|
-
|
-
|
10,000,000
|
135,000
|
-
|
(170,060
|
)
|
-
|
-
|
(35,060
|
)
|
|||||||||||||||||||||
Balance
at November 20, 1991
|
||||||||||||||||||||||||||||||||||
(Date
of Inception of Development Stage)
|
-
|
-
|
-
|
-
|
11,750,000
|
135,000
|
-
|
(1,399,577
|
)
|
-
|
-
|
(1,264,577
|
)
|
|||||||||||||||||||||
Issuance
of common stock for:
|
||||||||||||||||||||||||||||||||||
Cash
|
||||||||||||||||||||||||||||||||||
1992
- $0.50 per share
|
-
|
-
|
-
|
-
|
200,000
|
100,000
|
-
|
-
|
-
|
-
|
100,000
|
|||||||||||||||||||||||
1992
- $1.50 per share
|
-
|
-
|
-
|
-
|
40,000
|
60,000
|
-
|
-
|
-
|
-
|
60,000
|
|||||||||||||||||||||||
1993
- $0.97 per share
|
-
|
-
|
-
|
-
|
542,917
|
528,500
|
-
|
-
|
-
|
-
|
528,500
|
|||||||||||||||||||||||
1994
- $1.20 per share
|
-
|
-
|
-
|
-
|
617,237
|
739,500
|
-
|
-
|
-
|
-
|
739,500
|
|||||||||||||||||||||||
1995
- $0.67 per share
|
-
|
-
|
-
|
-
|
424,732
|
283,200
|
-
|
-
|
-
|
-
|
283,200
|
|||||||||||||||||||||||
1996
- $0.66 per share
|
-
|
-
|
-
|
-
|
962,868
|
635,000
|
-
|
-
|
-
|
(60,000
|
)
|
575,000
|
||||||||||||||||||||||
1997
- $0.43 per share
|
-
|
-
|
-
|
-
|
311,538
|
135,000
|
-
|
-
|
-
|
60,000
|
195,000
|
|||||||||||||||||||||||
1998
- $0.29 per share
|
-
|
-
|
-
|
-
|
2,236,928
|
650,000
|
-
|
-
|
-
|
-
|
650,000
|
|||||||||||||||||||||||
1999
- $0.15 per share
|
-
|
-
|
-
|
-
|
13,334
|
2,000
|
-
|
-
|
-
|
-
|
2,000
|
|||||||||||||||||||||||
2001
- $0.15 per share
|
-
|
-
|
-
|
-
|
660,000
|
99,000
|
-
|
-
|
-
|
-
|
99,000
|
|||||||||||||||||||||||
2003
- $0.04 per share
|
-
|
-
|
-
|
-
|
20,162,500
|
790,300
|
-
|
-
|
-
|
-
|
790,300
|
|||||||||||||||||||||||
2004
- $0.09 per share
|
-
|
-
|
-
|
-
|
20,138,024
|
1,813,186
|
-
|
-
|
-
|
-
|
1,813,186
|
|||||||||||||||||||||||
2005
- $0.18 per share
|
-
|
-
|
-
|
-
|
1,922,222
|
281,926
|
-
|
-
|
-
|
-
|
281,926
|
|||||||||||||||||||||||
Services
and Interest
|
||||||||||||||||||||||||||||||||||
1992
- $0.50 per share
|
-
|
-
|
-
|
-
|
500,000
|
250,000
|
-
|
-
|
-
|
-
|
250,000
|
|||||||||||||||||||||||
1993
- $0.51 per share
|
-
|
-
|
-
|
-
|
251,450
|
127,900
|
-
|
-
|
-
|
-
|
127,900
|
|||||||||||||||||||||||
1993
- $0.50 per share
|
-
|
-
|
-
|
-
|
800,000
|
400,000
|
-
|
-
|
-
|
-
|
400,000
|
|||||||||||||||||||||||
1994
- $1.00 per share
|
-
|
-
|
-
|
-
|
239,675
|
239,675
|
-
|
-
|
-
|
-
|
239,675
|
|||||||||||||||||||||||
1995
- $0.39 per share
|
-
|
-
|
-
|
-
|
4,333,547
|
1,683,846
|
-
|
-
|
-
|
(584,860
|
)
|
1,098,986
|
||||||||||||||||||||||
1996
- $0.65 per share
|
-
|
-
|
-
|
-
|
156,539
|
101,550
|
-
|
-
|
-
|
-
|
101,550
|
|||||||||||||||||||||||
1997
- $0.29 per share
|
-
|
-
|
-
|
-
|
12,500
|
3,625
|
-
|
-
|
-
|
-
|
3,625
|
|||||||||||||||||||||||
1998
- $0.16 per share
|
-
|
-
|
-
|
-
|
683,000
|
110,750
|
-
|
-
|
-
|
-
|
110,750
|
|||||||||||||||||||||||
1999
- $0.30 per share
|
-
|
-
|
-
|
-
|
100,000
|
30,000
|
-
|
-
|
-
|
-
|
30,000
|
|||||||||||||||||||||||
2001
- $0.14 per share
|
-
|
-
|
-
|
-
|
1,971,496
|
284,689
|
-
|
-
|
-
|
-
|
284,689
|
|||||||||||||||||||||||
2002
- $0.11 per share
|
-
|
-
|
-
|
-
|
2,956,733
|
332,236
|
-
|
-
|
-
|
-
|
332,236
|
|||||||||||||||||||||||
2003
- $0.04 per share
|
-
|
-
|
-
|
-
|
694,739
|
43,395
|
-
|
-
|
-
|
-
|
43,395
|
|||||||||||||||||||||||
2004
- $0.06 per share
|
-
|
-
|
-
|
-
|
1,189,465
|
66,501
|
-
|
-
|
-
|
-
|
66,501
|
|||||||||||||||||||||||
2005
- $0.18 per share
|
-
|
-
|
-
|
-
|
104,167
|
11,312
|
-
|
-
|
-
|
-
|
11,312
|
|||||||||||||||||||||||
Conversion
of Debt
|
||||||||||||||||||||||||||||||||||
1996
- $0.78 per share
|
239,458
|
186,958
|
-
|
-
|
-
|
-
|
186,958
|
|||||||||||||||||||||||||||
1997
- $0.25 per share
|
-
|
-
|
-
|
-
|
100,000
|
25,000
|
-
|
-
|
-
|
-
|
25,000
|
|||||||||||||||||||||||
1998
- $0.20 per share
|
-
|
-
|
-
|
-
|
283,400
|
56,680
|
-
|
-
|
-
|
-
|
56,680
|
|||||||||||||||||||||||
2002
- $0.03 per share
|
-
|
-
|
-
|
-
|
17,935,206
|
583,500
|
-
|
-
|
-
|
-
|
583,500
|
|||||||||||||||||||||||
2004
- $0.07 per share
|
-
|
-
|
-
|
-
|
9,875,951
|
650,468
|
-
|
-
|
-
|
-
|
650,468
|
|||||||||||||||||||||||
Other
Issuances
|
||||||||||||||||||||||||||||||||||
1993
-License - $0.50 share
|
-
|
-
|
-
|
-
|
2,000,000
|
1,000,000
|
-
|
-
|
-
|
-
|
1,000,000
|
|||||||||||||||||||||||
1997
- Settlement of contract
|
-
|
-
|
-
|
-
|
800,000
|
200,000
|
-
|
-
|
-
|
-
|
200,000
|
|||||||||||||||||||||||
1998
- Issuance of common stock from
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||
exercise
of warrants, $0.001 per share
|
200,000
|
200
|
-
|
-
|
-
|
-
|
200
|
|||||||||||||||||||||||||||
2000
- Reversal of shares issued
|
-
|
-
|
-
|
-
|
(81,538
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||
Escrow
and Subscription Receivables
|
||||||||||||||||||||||||||||||||||
1996
- Common stock canceled -
|
||||||||||||||||||||||||||||||||||
$0.34
per share
|
-
|
-
|
-
|
-
|
(1,400,000
|
)
|
(472,360
|
)
|
-
|
-
|
-
|
472,360
|
-
|
|||||||||||||||||||||
2000
- Issuance for escrow receivable -
|
||||||||||||||||||||||||||||||||||
$0.09
per share
|
-
|
-
|
-
|
-
|
5,500,000
|
500,000
|
-
|
-
|
-
|
(500,000
|
)
|
-
|
||||||||||||||||||||||
2000
- Write-off of subscription receivable
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
112,500
|
112,500
|
|||||||||||||||||||||||
2000
- Research and development costs
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
115,400
|
115,400
|
|||||||||||||||||||||||
2001
- Research and development costs
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
132,300
|
132,300
|
|||||||||||||||||||||||
2001
- Operating expenses
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
25,000
|
25,000
|
|||||||||||||||||||||||
2004
- Termination of escrow agreement
|
-
|
-
|
-
|
-
|
(2,356,200
|
)
|
(227,300
|
)
|
-
|
-
|
-
|
227,300
|
-
|
Accumulated
|
Deficit
|
||||||||||||||||||||||||||||||||||||
Deficit
|
Accumulated
|
||||||||||||||||||||||||||||||||||||
Additional
|
Prior
to
|
During
the
|
Escrow/
|
||||||||||||||||||||||||||||||||||
Preferred Stock - Series A
|
Preferred Stock - Series B
|
Common
stock
|
Paid
in
|
Development
|
Development
|
Subscription
|
|||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stage
|
Stage
|
Receivables
|
Total
|
|||||||||||||||||||||||||||
Balance
carried forward
|
-
|
$
|
-
|
-
|
$
|
-
|
107,071,888
|
$
|
12,441,237
|
$
|
-
|
$
|
(1,399,577
|
)
|
$
|
-
|
$
|
-
|
$
|
11,041,660
|
|||||||||||||||||
Exercise
of Options and Warrants
|
< |